United States. Teledyne Technologies Incorporated announced the successful completion of the acquisition of FLIR Systems. FLIR will now be included in Teledyne's Digital Imaging segment and will operate under the Teledyne FLIR name.
At each of the extraordinary shareholders' meetings of the respective company held on May 13, 2021, shareholders approved and adopted merger proposals related to the Merger Agreement and Plan dated January 4, 2021.
Under the terms of the agreement, FLIR shareholders received $28.00 per share in cash and 0.0718 Shares of Teledyne common stock for each FLIR share, implying a total purchase price of approximately $57.40 per FLIR share as of Teledyne's closing price on May 13, 2021.
The total consideration for the transaction was approximately US$8.2 billion, including net debt. Previously, Teledyne secured all permanent cash financing for the transaction with an average debt-weighted cost of less than two percent.
Teledyne expects the acquisition to immediately increase earnings, excluding transaction costs and purchase price accounting, and increase GAAP earnings in the first full calendar year following the acquisition.
Simultaneously, Teledyne announced the following executive promotions, effective today. Edwin Roks, currently Vice President of Teledyne and President of Teledyne's Digital Imaging Segment, is now Executive Vice President of Teledyne. Edwin will continue to serve as president of Teledyne's digital imaging segment, which now includes Teledyne FLIR. In addition, Todd Booth is promoted to Senior Vice President and Chief Financial Officer of the acquired Teledyne FLIR business group.
"We appreciate the support of our shareholders and am pleased to welcome FLIR to the Teledyne family," said Robert Mehrabian, Teledyne's chief executive. "As a combined company, Teledyne FLIR will uniquely provide a full spectrum of imaging technologies and products ranging from X-ray to infrared and from components to complete imaging systems. Teledyne FLIR will also provide a full range of unmanned systems and imaging payloads across all domains. from the deep sea to deep space. Finally, I want to congratulate Edwin and Todd, whose promotions are well deserved."
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